US-based sustainable chemicals and fuel producer LanzaTech secured $60m in series D funding from sovereign wealth fund New Zealand Superannuation Fund on Monday.
The funding extended Lanzatech’s series D round, which reached a $60m first close in March 2014, to $120m. Lanzatech has now raised approximately $200m since it was founded in New Zealand in 2005.
Japan-based conglomerate Mitsui originally led the first tranche of the series D round with a $20m investment, while industrial conglomerate Siemens and financial services firm China International Capital Corporation also participated alongside Khosla Ventures, Qiming Venture Partners, K1W1 and Malaysian Life Sciences Capital Fund.
LanzaTech has developed a gas fermentation platform that produces ethanol and other fuels as well as chemicals such as butadiene and propylene from waste and residues. The company expects to have its first commercial plant operational by 2016.
The New Zealand Superannuation Fund is a NZ$27bn ($20bn) sovereign wealth fund established by the government to support the future cost of universal pension payments.
Nigel Gormly, head of international direct investment at the fund, said: “LanzaTech is one of the most exciting companies New Zealand has produced, with significant global potential. We are proud to continue the New Zealand connection and to be able to assist in LanzaTech’s ongoing growth.”